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Strategy development is a process through which organisations strive to achieve the following:
- Agreement/communication of a vision/mission which provides overall direction for the business i.e. corporate goals/objectives
- Agreement on key focus areas, and the course of actions to achieve them
- Prioritisation of resource allocation
The process involves activities such as:
- Planning
- Diagnostic review
- Strategy development (corporate)
- Agreement of strategy plan (usually during retreats)
- Deployment of strategic plan
Benefits - Provides opportunity for continuous review/update of corporate goals in line with global and national trends
- Provides the executives the opportunity to think through and align their businesses with their competitive advantages
- Provides learning opportunities for the middle management teams
Key Deliverable - The vision statements, the strategic plans, follow up activities and deployment
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